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  • London-based captives and mutual manager Heritage has received the green light to establish Heritage Insurance Management (Bahrain) WLL (HIMB) on the Persian Gulf island kingdom Bahrain.
  • Private equity backed insurance group Hyperion is poised to take on Benfield Corporate Risk's (BCR) US wholesale property/casualty unit to its broking arm Howden, The Insurance Insider can reveal.
  • Faber & Dumas, Willis' newly created specialty platform, has become one of London's largest wholesale brokers with the migration of three new businesses alongside Glencairn Ltd.
  • Recently intensified levels of piracy around the notoriously volatile seas off the East Coast of Africa look set to hike marine and kidnap and ransom insurance rates to cover the increased risk to merchant vessels of all sizes sailing through the area.
  • Catastrophe risk modeling firm AIR Worldwide estimates that total insured losses from the Triangle Complex, Sayre and Tea Fires in Southern California will now likely range between $600mn and $800mn.
  • Eric Dinallo, superintendent of the New York Insurance Department, has reversed plans for the state to regulate credit default swaps (CDS) that it considers insurance.
  • The £844mn Aon Benfield deal completes this week but that will not stop rival firms circling to see whether they can pick out any attractive morsels from the reinsurance broking giant.
  • All reference to group support and group supervision has been cut from the text of the draft Solvency II Framework Directive to be submitted for approval by the European Union Council of Economic and Finance Ministers (EUCEFM) on 2 December.
  • Run-off provider PRO Insurance Solutions has become an accredited Lloyd’s run-off broker, gaining full access to the London market accounting and settlement systems.
  • Bermudian (re)insurer Allied World Assurance Company Holdings Ltd (AWAC) plans to borrow $250mn from a $400mn revolving credit facility.